Out of the South cometh the whirlwind

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Day: 05/03/2011

SCBT Financial Corp. saw its earnings decrease 95 percent during the first three months of 2011, due in large part to a substantial decrease in pre-tax gains related to the FDIC-assisted acquisitions of a pair of banks.

During the quarter ended March 31, 2011, Columbia-based SCBT recorded a $5.5 million gain from the acquisition of Habersham Bank of Georgia, the company reported in a filing with the US Securities and Exchange Commission.

That compares to a $98.1 million pre-tax gain from the FDIC-aided takeover of another Georgia institution, Community Bank & Trust, in the first quarter of 2010.